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Nifty Spot: 25019 [ 25116 / 24378 ] Normal Variation (Up)
Previous week’s report ended with this ‘The weekly profile is a Double Distribution (DD) Trend one to the downside with completely overlapping Value at 24270-24389-24509 from where it has moved away with the help an extension handle at 24220 and a fast zone till 24121 which is the DD singles on watch for the coming week above which it could attempt to repair the poor highs whereas on the downside, immediate support will be the closing HVN of 24012 below which it could go for a test of the weekly extension handles of 23648 & 23452‘
Monday - 24924 [ 24944 / 24378 ] Trend (Up)
Tuesday - 24578 [ 24973 / 24547 ] Normal Variation ('b' shape)
Wednesday - 24666 [ 24767 / 24535 ] Neutral Centre
Thursday - 25062 [ 25116 / 24494 ] Trend Day (Up)
Friday - 25019 [ 25070 / 24953 ] Normal
Nifty opened the week with a big gap up of 412 points on Monday and continued to Drive higher right from previous week's POC of 24389 forming a Trend Day Up as it made a high of 24944 into the close and as often seen did not give a follow up on Tuesday where the higher open got rejected resulting in a test of the A period singles from Monday as it formed a 'b' shape profile with completely inside value indicating return of balance.
The auction remained colied in Tuesday's Value for most part of Wednesday and attempt to move away on either end was rejected with a FA (Failed Auction) on the top at 24767 and a small buying tail at lows paving way to a Neutral Centre Day with Value being completely inside yet again and while the PLR (Path of Least Resistance) remained to the downside below the FA at open on Thursday where it made a look down below previous lows in the B period but got swiftly rejected indicating demand overpowering supply ensuing another big Trend Day up of 622 points as it went on to tag the weekly VPOC of 25064 (14-18 Oct 2024) while making a high of 25116 into the close.
Once again, there was no follow up to a Trend Up profile as Nifty remained in a narrow 117 point range on Friday forming an inside bar and a Gaussian Curve with a prominent POC at 25012. The weekly profile is a Normal Variation one with an initiative buying tail from 24494 to 24378 and completely higher Value at 24543-24717-24821 and seems to have given a fresh move away from the initial 3 and half days balance it was forming so can expect further inroads into the weekly profile from 30th Sep to 04th Oct 2024 with the singles zone from 25640 & VPOC of 25810 being the objectives in the coming week(s) whereas on the downside, staying below 25012 we can expect it to fill up the zone till 24717.
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19th May (Monday) - 24945 [ 25063 / 24916 ] Neutral Extreme (Down)
20th May (Tuesday) - 24684 [ 25010 / 24669 ] Trend (Down)
21st May (Wednesday) - 24813 [ 24946 / 24685 ] Neutral Centre
22nd May (Thursday) - 24609 [ 24737 / 24462 ] Normal Variation (Down)
Up |
|---|
24609 - Prev Close 24647 - Sell Tail(22 May) 24692 - Sell Tail mid (22 May) 24740 - PBL (21 May) 24799 - VPOC (21 May) 24874 - E TPO h/b (21 May) |
Down |
|---|
24601 - POC (22 May) 24541 - VAL (22 May) 24509 - Buy tail (22 May) 24462 - PDL 24415 - Sell Tail (08 May) 24373 - Ext Handle (08 May) |
BankNifty Spot: 55355 [ 55499 / 54442 ] Neutral
Previous week’s report ended with this 'The weekly value was completely lower at 54285-54517-55089 and has an extension handle at 54108 which will be the immediate supply point for the coming week whereas on the downside, sustaining below 53525 could trigger a test of the lower extension handles of 53164 & 52877 along with the HVNs of 52784 & 52322'
Monday - 55382 [ 55466 / 54558 ] Normal Variation (Up)
Tuesday - 54940 [ 55499 / 54888 ] Normal Variation (Down)
Wednesday - 54801 [ 55208 / 54491 ] Double Distribution (Down)
Thursday - 55355 [ 55490 / 54442] Trend Day (Up)
Friday - 55355 [ 55418 / 55170 ] Normal
BankNifty also opened with a huge 1063 points gap up on Monday well above the hurdle of 54108 as it went on to tag the weekly VPOC of 55466 into the close but could not sustain above it in the following sessions as it left couple swing highs on the daily timeframe at 55499 & 55490 indicating supply being active which led to a test of the previous week's POC of 54517 on consecutive days but saw responsive buying tails emerge suggesting demand holding up which resulted in a Neutral weekly profile with overlapping to higher Value at 54909-55279-55383 so will need an initiative move away from this week's prominent POC of 55279 for a fresh imbalance to emerge in the coming week.
Click here to view this week’s MarketProfile of BankNifty on Vtrender Charts
19th May (Monday) - 55420 [ 55695 / 55296 ] Normal Variation (Up)
20th May (Tuesday) - 54877 [ 55568 / 54829 ] Normal Variation (Down)
21st May (Wednesday) - 55075 [ 55336 / 54690 ] Neutral Centre
22nd May (Thursday) - 54941 [ 54996 / 54577 ] Neutral Extreme (Up)
Up |
|---|
54941 - Prev Close 55035 - VPOC (21 May) 55184 - SOC (21 May) 55345 - Sell Tail (20 May) 55496 - 19 May Halfback 55622 - VPOC (19 May) |
Down |
|---|
54936 - NeuX Handle (22 May) 54786 - 22 May Halfback 54648 - POC (22May) 54570 - PBL (15 May) 54442 - Swing low (15 May) 54290 - M TPO h/b (08 May) |
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